{"id":1961,"date":"2009-05-13T19:18:10","date_gmt":"2009-05-14T00:18:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1961"},"modified":"2009-05-13T19:18:10","modified_gmt":"2009-05-14T00:18:10","slug":"fundamental-outlook-at-1400-gmt-edt-0400-33","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/13\/fundamental-outlook-at-1400-gmt-edt-0400-33\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

\u20ac<\/strong><\/p>\n

The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3565 level and was capped around the US$ 1.3720 level.\u00a0 Risk aversion returned to the markets as traders discounted recent economic improvements and challenged the view that the global banking sector is on the mend.\u00a0 Data released in the U.S. today saw March business inventories decline 1.0% to US$ 1.401 trillion.\u00a0 Additionally, April retail sales were off more than expected at -0.4%, underscoring the tenuous condition of final private demand.\u00a0 The ex-autos component was off 0.5% and the decrease in spending represented the eighth decline in ten months.\u00a0 Other data saw April import prices climb 1.6% m\/m and decline 16.3% y\/y.\u00a0 In eurozone news, German finance minister Steinbrueck said Germany is \u201csurprised\u201d by the European Commission\u2019s plan to possibly conduct stress tests on banks.\u00a0 Data released in the eurozone today saw EMU-16 industrial production decline to a new record low in March, off 2.0% m\/m and 20.2% y\/y.\u00a0 Additionally, France reported its annual inflation rate rose 0.1% y\/y in April, its lowest level in more than 50 years.\u00a0 European Central Bank member Weber cautioned that German and eurozone price inflation data may produce negative readings this month and remain there throughout the summer.\u00a0 Regarding the financial markets, he added \u201cWhat we’ve seen in financial markets over the recent months is some return of confidence. I think that is something that is very important.\u00a0 Now people are back to evaluating risk, there’s a lot more reasonable risk appetite. We’re not yet back to a period where risk is again viewed in such a way that I would fear an underpricing of risk any time soon, but some reemergence of risk appetite is there.\u201d\u00a0 Euro bids are cited around the US$ 1.2765 level.<\/p>\n

\u00a5\/ CNY<\/strong><\/p>\n

The yen appreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested bids around the \u00a595.15 level and was capped around the \u00a596.70 level.\u00a0 Risk aversion returned to the markets today as traders lack confidence that a sustainable rally is afoot in the financial markets.\u00a0 Data released in Japan overnight saw April corporate bankruptcy cases up 15.4% y\/y while the March current account surplus was off 48.8% y\/y at \u00a51.486 trillion.\u00a0 Moreover, the March trade balance was off 89.3% y\/y and April bank lending was up 3.0%.\u00a0\u00a0 Additionally, it was reported that Japan\u2019s historically-strong trade deficit withered in April, printing at -\u00a5201.52 billion the first twenty days of the month.\u00a0 The Nikkei 225 yesterday stock index climbed 0.45% today to close at \u00a59,340.49.\u00a0 U.S. dollar offers are cited around the \u00a5104.15 level.\u00a0 The euro moved lower vis-\u00e0-vis the yen as the single currency tested bids around the \u00a5129.35 level and was capped around the \u00a5132.40 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5144.15 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a585.95 level. In Chinese news, the U.S. dollar appreciated vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8225 in the over-the-counter market, up from CNY 6.8215.<\/p>\n

Daily Market Commentary<\/strong><\/em> provided by\u00a0GCI Financial Ltd<\/strong><\/a>.<\/strong><\/p>\n

GCI Financial Ltd (\u201dGCI\u201d) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (\u201dForex\u201d) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (\u201dCFDs\u201d) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.<\/p>\n

DISCLAIMER: GCI\u2019s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n","protected":false},"excerpt":{"rendered":"

By GCI Financial – The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3565 level…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1961","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1961"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1961\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}